The Surigao del Sur II Electric Cooperative, Inc. (SURSECO II) Board of Directors passed a Board Resolution (BR No. 098, S-2017) approving the additional capital subscription into the Rural Electrification Financing Corporation (REFC) allocating the amount of Php5 Million for the purpose. The REFC Board unanimously approved the additional investment of SURSECO II during their Board Meeting last December 13, 2017.
“SURSECO II is a long-time investor of REFC and the coop has gained favorable privileges from its low cost financing to realize the rural electrification program, especially in the aspect of system loss reduction,” the coop’s Board Resolution reads. This additional investment of the coop into REFC translate to 5,000 more shares of SURSECO II in the financing firm.
REFC Board President and concurrent SURSECO II General Manager, Engr. Iglorio Hinayon, welcomes his coop’s additional investment. He said: “I thank the SURSECO II Board of Directors, through its Board President Reynaldo Sindo, for taking this opportunity to invest anew into REFC. This investment will go a long way in supplementing the funding requirements of the Corporation towards the fulfillment of its mission of providing alternative financing source for its member-electric cooperatives.”